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CITY OF SOUTH BEND, INDIANA <br />LOCAL GOVERNMENT FINANCIAL ASSURANCE TEST <br />PART B(i)(CC)(aa) <br />EXHIBIT A (Cont'd) <br />The City of South Bend has no outstanding General Obligation Bonds as of December 31, 2014. <br />PART B(i)(CC)(bb) <br />The City of South Bend has no outstanding General Obligation Bonds as of December 31, 2014. <br />PART B(i)(CC)(cc) <br />Test = operating deficit not greater than five percent or more of total annual revenue in each of the past two <br />fiscal years. <br />Total annual revenue <br />Times: -5% <br />Maximum operating deficit <br />Calendar <br />VPar ')Ill l <br />$213,006,923 (1) <br />_ NO/, <br />($10,650,346) <br />Calendar <br />Year 2014 <br />$206,066,815 (2) <br />($10,303,341) <br />Total operating income $5,039,823 (1) $10,278,151 (2) <br />PART C(ii) <br />Financial Assurance for Closure, Post Closure and Corrective Action Costs <br />Test = the entity can make a financial assurance for these costs up to 43% of the local government permittee's <br />total annual revenue. <br />Calendar <br />Vear 2()14 <br />Total annual revenue $206,066,815 (2) <br />Times: 43% 43% <br />Maximum assurance $88,608,730 (3) <br />(1) Per 2013 City of South Bend CAFR dated August 4, 2014. <br />(2) Per 2014 City of South Bend CAFR dated June 30, 2015. <br />(3) Maximum amount City can assure for costs associated with the landfill plus other costs for any applicable <br />items under Part C(ii). <br />Note: At the request of IDEM, the calculations shown in Exhibit A relate to the City of South Bend as a whole. <br />(Subject to the comments in the attached report <br />dated October 19, 2015 of Umbaugh) <br />